Masraf Al Rayan chooses core banking from Misys

Qatar-based Islamic bank Masraf Al Rayan has selected core banking and trade services systems from financial software and services provider Misys, as part of an Islamic solution it is building for its customers.

Misys beat out five other vendors on the basis of its extensive track record in building Islamic finance systems in the region. The new integrated system will help Masraf Al Rayan with managing Qatar's extensive growth, managing the bank's complete trade finance operations from the front office to back office transaction processing. Misys also included products Trade innovation and front-end system Trade Portal as part of the agreement.

Said Mohamed, chief operating officer at Masraf Al Rayan commented on the deal: "We have plans to build our business quickly and expand our branch network rapidly in Qatar and in throughout the region; we therefore needed a reliable and proven solution that minimised the risk in the project and was able to scale at the rate at which we are planning to grow."

Roy Froud, Middle East and Africa head for Misys Banking added: "Masraf Al Rayan has very clear expansion plans both organically and through potential acquisitions. We are delighted that it has chosen our highly flexible and scaleable solution and our in-depth knowledge of and excellent track record in Islamic finance. The advanced functionality and stability of our integrated core banking and trade finance solution will fully support the bank's Islamic finance products and services."